The technology sector just witnessed a seismic shift. With the announcement that Abu Dhabi’s tech investment vehicle, MGX, has raised a staggering US$49 billion for a dedicated artificial intelligence fund, the global tech landscape has officially entered a new era. This is not just another venture capital pool; the Abu Dhabi MGX AI fund represents a massive institutional validation of AI as the defining economic engine of the next century. By eclipsing its original US$45 billion target, MGX isn't merely participating in the tech boom-it is aggressively positioning itself to dictate its direction. What makes the new Abu Dhabi MGX AI fund a game-changer? In my view, the sheer scale of this fund alters the venture capital ecosystem entirely. Raising US$49 billion in a climate where some tech stocks are experiencing volatility shows incredible contrarian conviction. This capital gives MGX unmatched structural leverage. The fund allows Abu Dhabi to anchor the most capital-intensive pr...
Pakistan's eastern towns of Chiniot and Hafizabad face a risk of catastrophic floods if an irrigation barrage crumbles on a major river upstream after heavy rains swelled it beyond capacity, officials warned on Thursday.
Nuclear-armed neighbours India and Pakistan are battling torrential monsoon rains that have unleashed flash floods, swelled rivers and filled dams, with 60 deaths this month in Indian Kashmir, and Pakistan's toll at 805 since late June.
Any flooding blamed on India stands to inflame relations between the archfoes, embroiled in a tense stand-off since a brief conflict in May that was their worst fighting in decades.
The waters of the Chenab river in Pakistan's sprawling province of Punjab threatened to burst through a 3,300-foot (1,000-m) concrete barrage at Qadirabad that regulates flows, siphoning them into a canal irrigation network.
"It is a crisis situation," said a technical expert at the National Disaster Management Authority, adding that the collapse of the barrage could wash away the towns, home to more than 2.8 million.
"Under the constant supervision of experts and administration, the water level is receding, but it is still not beyond danger levels," added the official, who sought anonymity as he was not authorised to speak to the media
India routinely releases water from its dams when they get too full, with the excess flowing into Pakistan, accompanied by warnings from New Delhi, which calls them a humanitarian measure.
On Thursday, Pakistani officials said India passed on its third flood warning since Sunday, this time for the Sutlej, while the previous two concerned waters heading into Pakistan on the Ravi.
India's water resources ministry did not immediately respond to a Reuters request for comment on the matter..
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